LONDON, Jan. 7, 2022 /PRNewswire/ — Digivault, the digital asset custody business within EQONEX Limited (Nasdaq: EQOS), achieved a 30-fold increase in assets under custody in the 2021 calendar year, reflecting the strong demand for accredited and regulated crypto-industry service providers.
The company now securely stores the assets of a growing list of customers including sophisticated investors, family offices, fund managers and also law enforcement agencies and governments through its strategic partnership with Asset Reality. In December it also added to its world-leading list of credentials with the addition of XRP to its assets under custody.
XRP is a digital asset that is native to the XRP Ledger – an open source, permissionless and decentralised blockchain technology that can settle transactions in three to five seconds. Digivault developed the capabilities to support XRP in response to surging customer requests to provide custody for the digital asset.
Digivault now supports more than 50 digital assets including BTC, ETH, BCH, DOT and XRP.
Robert Cooper, Digivault CEO said, “The value of digital assets along with the technology infrastructure that it supports can no longer be ignored, as reflected in the landmark increases in cryptocurrency participation we saw in 2021. But this increase in participation also put the spotlight on the risks of security breaches and hacks. Our business growth reflects this growing awareness by industry participants to be far more discerning in choosing accredited and regulated service providers”.
“In the year ahead, we will maintain our focus on lifting the industry standards, driving greater awareness of ways to safely participate in the marketplace and by protecting our customers by continuing to expand the list of assets we are able to securely store for them.”
Digivault Business Highlights – 2021 Calendar-Year
- Became the first standalone custodian to be FCA Registered under the crypto asset regime, and ISO27001 accredited
- Achieved a 30-fold increase in assets under custody, 8 percent of which is attributable to EQONEX Exchange client accounts
- Recorded an approximately 70-fold increase in transaction volume, with approximately 90 percent of that growth attributed to the EQONEX Exchange
- Formed industry partnerships to enhance crypto industry safety with Asset Reality
- Became first accredited custodian with capability to support Polkadot (DOT) in September, and XRP in December 2021.
Digivault operates to the highest industry security standards, using FIPS14-2 validated hardware security modules (HSMs). The solution is Cyber Essentials Plus accredited (a Ministry of Defence designed accreditation) and is certified under IS027001 standard. Both Helios (Warm Solution and Kelvin (Cold Solution) and penetration-test to CREST standards of certification.
Digivault also uses an enhanced certificate standard for communicating public keys, multi-factor authentication, and a full backup/recovery system.
About EQONEX Group
EQONEX Limited is a digital assets financial services company focused on fairness, governance, and innovation. The group encompasses cryptocurrency exchange EQONEX as well as an over-the-counter trading platform. It also offers a front-to-back integrated trading platform, Access Trading, a securitization advisory service EQONEX Capital, market leading hot and cold custodian Digivault, and asset manager Bletchley Park.
This press release is provided by EQONEX Limited (f.k.a. Diginex Limited “Eqonex”) for information purposes only, is a summary only of certain key facts and plans of Eqonex and includes forward looking statements that involve risks and uncertainties. Without limitation, the press release does not constitute an offer or solicitation in relation to any securities or other regulated products or services or to make use of any services provided by Eqonex, and neither this press release nor anything contained in it will form the basis of any contract or commitment whatsoever. This press release has not been reviewed by any regulatory authority in any jurisdictions. Forward looking statements are statements that are not historical facts and are subject to risks and uncertainties, which could cause actual results or outcomes to differ materially from the forward-looking statements. Most of these factors are outside of Eqonex’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: Eqonex’s limited operating history and history of net losses; Eqonex’s ability to execute its business plan; the rate and degree of market acceptance of Eqonex’s products; failure to obtain the requisite regulatory licenses and qualifications or establish partnerships with entities in certain jurisdictions to satisfy regulatory requirements; changes in laws or regulations; litigation and regulatory risks; Eqonex’s inability to successfully identify, hire and retain skilled individuals; competition; Eqonex’s inability to successfully develop technology to service its business lines and keep pace with rapidly changing technology and client or regulatory requirements; risks of cyber incidents; reliance on vendors and third-party service providers; inability to protect or preserve its proprietary rights and the risk of infringing on the intellectual property rights of others; potential conflict of interest arising from managing different business lines; risks of employee misconduct and manipulation of distributed ledger networks and smart contract technology by malicious actors; risk of Eqonex losing access to its private keys or data loss relating to its digital asset investments; the ability of Eqonex to grow and manage growth profitably; general economic and market conditions impacting demand for Eqonex’s products and services; risks of doing business in Hong Kong
In addition, any forward-looking statements contained in this press release are based on assumptions that Eqonex believes to be reasonable as of this date. Eqonex undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.
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